Singapore is set to tighten its casino regulations in a bid to counter potential terrorism funding, according to a report by Bloomberg.
The city-state’s Casino Regulatory Authority (CRA) is looking to increase scrutiny on high-rollers and their sources of funds, in a move to prevent any illicit activities such as money laundering or terrorist financing. The new measures will also include enhanced background checks on individuals and companies that have connections to the casinos.
Singapore, known for its strict laws and tight security measures, has two major integrated resorts that house casinos – Marina Bay Sands and Resorts World Sentosa. These establishments have attracted high-rollers from around the world, making them potential targets for terrorism financing.
The tightening of regulations comes at a time when Singapore is facing an increased threat of terrorism, with the Islamic State group (ISIS) gaining a foothold in the region. The city-state has also witnessed a rise in online gambling activities, which could potentially be used as a means to fund terrorist organizations.
According to Bloomberg, the CRA will work closely with other government agencies such as the Monetary Authority of Singapore and the Commercial Affairs Department to monitor and investigate any suspicious activities related to the casinos. The authorities will also collaborate with international agencies to exchange information on potential threats and risks.
Singapore has been a leader in the fight against terrorism funding, with its tough anti-money laundering laws and strict regulations on financial transactions. The city-state has also been a strong advocate for international cooperation in combating terrorism financing, hosting regional conferences and workshops on the topic.
The new measures will further strengthen Singapore’s position as a global financial hub and a safe destination for tourists and investors. With its proactive approach to countering terrorism funding, the city-state is sending a strong message that it will not tolerate any illegal activities that threaten its security and stability.
